There’s an opportunity for retail banks to bolster their green credentials, according to a recent survey by senior partners Marie-Claude Nadeau and Dan Stephens and colleagues. For example, on average, less than 50 percent of consumers view their financial institutions as sustainable brands. Even fewer say their banks are affecting climate change for the better.
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A horizontal bubble and range bar graph shows respondents’ perceptions of their bank’s green pledges or credentials. From top to bottom, 42 percent think their bank is a sustainable brand, 28 percent think it makes a difference on the environment, 25 percent think it positively affects climate change, and 24 percent think it has a clear message about the environment.
Footnote: Question: Do you agree with the following statements about your financial institution? Among respondents who have a personal checking/savings account at a financial institution, n = 2,380. “Agree” is defined as the aggregate of “agree” and “strongly agree.”
Source: McKinsey Climate Banking Survey, 2022, n = 2,931
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To read the article, see “Green growth: Unlocking sustainability opportunities for retail banks,” April 21, 2023.